Valued at $2 billion by acting as a "middleman" business, did Liblib create a miracle or a bubble? -36Kr

Liblib’s parent company, Yanyu Tech, raised nearly $300 million in a B+ round, valuing it at over $2 billion post-money.

The company’s growth is driven by AI applications such as LiblibAI, Lovart, and LibTV, which aggregate third-party model capabilities to monetize quickly.

The deal underscores a shift in AI investing from building foundation models to shipping profitable application-layer products.

At the same time, Liblib faces skepticism over whether it is merely a “middleman” or API reseller, raising questions about its long-term moat.